Cash-only Home Purchases Dropped in June

House Cash Only

Only 16% of all homes were paid for with cash in June, according to the National Association of Realtors, down from 23% in February and down from almost a third of sales in 2014. The increase in mortgage loans is a sign of a less-competitive housing market. Lower mortgage rates are also making home loans more appealing and affordable. The NAR reported that mortgage applications soared 9.5% in June from the previous year.